Merck in the Middle of Statin Drug Soap Opera

November 9th, 2009. By AbiK

The latest flurry of statin drug-related news could substitute for your afternoon t.v. soap fix—except there’s a very real-life drama being played out. It’s full of intrigue and false promises. Who knew that the anti-cholesterol drug market could offer so much, and yet so little at the same time?

Here’s the topline history to get you up to speed—just in case you’ve missed the last couple of months’ news on drugs like Vytorin, Zetia and Lipitor…

Zetia + Simvastatin (aka Zocor) = Vytorin 

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Vytorin + Zetia = Class Action Settlement

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Zetia + Atorvastatin (aka Lipitor) = Refused by FDA = Bad News for Merck

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Vytorin + Arbiter 6 Study (due 11/16) = Expected Bad News for Merck 

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Niaspan + Arbiter 6 Study = Expected Good News for Abbott Labs 

So what’s the deal with this Arbiter 6 thing? It’s the clinical study that was conducted—and whose results are hotly anticipated at the American Heart Association (AHA) annual scientific meeting in Orlando on November 16th—to review the efficacy of cholesterol drugs Read the rest of this entry »

MoneyGram Scammed Us

November 6th, 2009. By janem

Back in July Pleading Ignorance looked at Moneygram and its involvement, if any, to consumer fraud. We really did plead ignorance because it turns out that Moneygram isn’t the reputable company we believed it to be. Although we weren’t scammed financially as   countless unfortunate US consumers were, “The wool got pulled over our eyes”, as the old saying goes.

The FTC recently charged that the second-largest money transfer service in the US allowed its money transfer system to be used by fraudulent telemarketers to bilk consumers out of tens of millions of dollars. And it has to pay the FTC a hefty $18 million to compensate consumers.

That sounds like a lot of dough, but it’s a measly amount to pay back, considering that many consumers likely didn’t report a loss. And a recent FTC survey reported almost 80 percent of all MoneyGram transfers of $1,000 or more from the US to Canada over a four-month period in 2007 were fraud-induced.

And if that’s not enough to make you shake your head, MoneyGram itself received more than 20,600 fraud complaints that cost consumers more than $44 million to cross-border money-transfer frauds between 2004 and 2008 alone. Combine that with losses reported by U.S. consumers on money transfers within the US and that number almost doubles to a whopping $84 million! Cha-ching!

According to the FTC, MoneyGram knew that its network has been used over the last few years by telemarketing scammers to prey on US consumers. And worse, some MoneyGram agents were also scam artists but the money transfer service more or less turned a blind eye. Big mistake: the FTC had MoneyGram in its eagle eye.

This is how the scam works. Con artists prefer to use money transfer services because they can pick up transferred money immediately, the payments are often untraceable, and unknowing consumers can’t do anything about it. Until now, that is.

The FTC has a new Consumer Alert, available on its website, titled “Money Transfers Can Be Risky Business.” And consumers interested in the process of redress administration should call 1-202-326-3755.

5 Credit CARD Pitfalls to Look Out for Now

November 6th, 2009. By Kristine B

With Christmas around the corner (at least according to big box retailers and your local Hallmark store) the time to think about how to pay for Christmas presents is upon us. Of course, the new credit card regulations go into effect next year, which means that banks are doing everything they can to maximize profits today. This week, Pleading Ignorance looks at some of the ways the banks are maximizing their profits—so you have all the information before you decide to pay for Christmas with plastic… 

What the Credit CARD Act Means to You…until it goes into effect

The Credit CARD (Card Accountability, Responsibility and Disclosure—picture the brainstorm on that one: “ok, got the “C”, “A”, “R”—what about the “D”, anyone?”) Act goes into effect in February 2010. The reason for the Act is simple—make credit card issuers more accountable for their actions and prevent them from taking advantage of consumers. That means limits on increasing interest rates, limits on offering cards to people under the age of 21, longer wait times before late payment interest rate hikes and no more automatic overlimit allowances on the card. Sounds pretty straightforward, right? 

Wrong! Because the Act doesn’t go into effect until February, some of the banks are—surprise, surprise—doing everything they can to maximize their profits now, so that later, when the Act is in full force, they don’t feel like they’re losing out on money. 

So, what does this potentially mean for you? Here, 5 possible pitfalls to be on the lookout for this holiday season…

1. Higher Credit Card Interest Rates, Now! 

The Credit CARD Act restricts how much credit card issuers can raise interest rates. Good news Read the rest of this entry »

Vytorin Zetia Settlement…What’s in it for You?

November 6th, 2009. By AbiK

LawyersAndSettlements.com reported a while ago (Aug. 5^th precisely) about the proposed class action settlement in the Vytorin-Zetia case against Merck and Schering-Plough. 

At the heart of this case are claims that Vytorin and Zetia were marketed as being more effective than other anti-cholesteral drugs on the market (namely, those drugs in the class known as statins)—and that Vytorin and Zetia were sold at higher prices even though there wasn’t really evidence that they were more effective than less-expensive anti-cholesterol drugs. 

For consumers—aka the “Consumer Class” of the Vytorin/Zetia settlement, it means that if you were taking either of these drugs and either paid or were obligated to pay for them between November 1, 2002 and September 17, 2009, you may be eligible to participate in this settlement. Translation: you may be able to get some money back on your purchases as a result of this settlement. 

How much money?—it’s the number one question we always get about settlements. Well, as Read the rest of this entry »

Asbestos News Roundup: 11.05.09

November 5th, 2009. By LucyC

A roundup of recent asbestos-related news, asbestos lawsuits and the latest asbestos hot spots—places where asbestos has been found—and that you should be aware of. 

Asbestos Lawsuits 

Old Hickory, TN: DuPont and 20 other companies are facing a wrongful death lawsuit brought by Roger Neely, who lost his mother to asbestos mesothelioma. Ruby Neely contracted asbestos-related cancer as a result of second hand or take-home asbestos exposure from her husband’s contaminated work clothes. Her husband, Lively Neely, worked at the DuPont plant in Old Hickory for 20 years. (Tennessean.com)

Asbestos Settlements

Maryville, TN: Amanda Satterfield, who became terminally ill with asbestos mesothelioma as a result of exposure to asbestos dust on her father’s work clothes, won her lawsuit against her father’s employer, Alcoa Inc. The amount awarded her estate is confidential. Amanda died in 2005, at 25. Her father continued the legal battle on her behalf. (thedailytimes.com) 

Asbestos Hot Spots

Sebring, FL: Twelve sites have been identified by the Florida Department of Environment Read the rest of this entry »